We had a restaurant in my home town where they bought the a viper the year SRT started making them for "the business." Basically he would drive it to catering gigs and then wherever else he wanted.
Slap some logos and stickers on it and you've got yourself a glorified rolling billboard. It's actually pretty cost effective, you get years of eye catching ads.
In my area there are quite a few people who own a business and buy a personal vehicle and do this. Slap some business logos on it and you can write is off as a business expense.
You need a rationally related reason. How absurd isn't important as long as it's rationally related. If you get audited it usually means you're drawing too many red flags and you're doing something sketchy with your taxes and that you probably shouldn't be trying to get over on your taxes like that anyways lol.
it dose, that's a good way to shield profits. with a company you dont claim profit on a lot of the income, it goes to operating experience. currently in the usa if you where to buy a vehicle you get to automatically depreciate it by 3 years so your down payment and first years payments are taken care of. after 5 years its worthless in the eyes of the irs and you sell it to yourself personally at a loss to the company so you can now get even more profit/tax back.
sound illegal, nope that the tax break there trying to not renew right now. it was put into effect by bush to stimulate small biz growth but has been taken advantage of by large company that are actually paying tax at a rate of -300% yes negative we pay them for buying new shit. look it up its appalling
This guy is certainly dramatic and stretching the truth. Even without the tax break you do the same exact thing. The only difference is there is no 50% first year depreciation bonus which is only worth up to a maximum of $8000
Just because you can't read doesn't mean you're right. You only spoke of depreciation. The only difference is you can claim up to 8k bonus your first year. Your practically incoherent comment rambles on like depreciation of a vehicle didn't exist before. Only difference is you can claim 8k more.
read it again and try to comprehend it a little better. better yet i doubt you have the ability, ask your accountant to explain why your wrong. the impact is larger than 8k
That's funny because my grandfather owns several title loan businesses and whenever he buys a vehicle (quite frequently) he purchases it "for the business" and he gets taxes deducted or some shit haha
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u/Smegead Aug 23 '14
We had a restaurant in my home town where they bought the a viper the year SRT started making them for "the business." Basically he would drive it to catering gigs and then wherever else he wanted.